EAST RUTHERFORD, NJ--(Marketwire - April 28, 2008) - The Alpine Group, Inc. ("Alpine")
(PINKSHEETS: APNI) today posted its annual financial statements for the
year ended December 31, 2007 to its Website (www.alpine-group.net).
Alpine had income from continuing operations of $2.7 million for 2007
compared to $0.7 million for 2006, resulting in basic and fully diluted
earnings per share from continuing operations of $0.21 and $0.13,
respectively, for 2007 compared to earnings per share (both basic and fully
diluted) of $0.03 for 2006. The increase in income from continuing
operations in 2007 was primarily the result of earnings from Posterloid
Corporation ("Posterloid"), which was acquired in early 2007, realized
gains on the sale of securities and Alpine's share of earnings of its
foreign affiliate, Synergy Cables Ltd. Alpine reported consolidated net
income of $1.7 million for the year ended December 31, 2007 compared to
$20.5 million for the year ended December 31, 2006. 2006 net income
included a $15.4 after tax gain on the sale of Alpine's building wire
business. Basic and fully diluted earnings per share for 2007 were $0.12
and $0.08, respectively, compared to $1.58 for and $0.89, respectively for
Revenues from continuing operations were $53.6 million for the year ended
December 31, 2007, an increase of $30.5 million over revenues of $23.1
million for the year ended December 31, 2006. The increase was due
primarily to the aforementioned Posterloid acquisition in 2007 and to
higher sales volume and copper prices related to Exeon Inc.'s copper scrap
reclamation business. Average COMEX copper prices increased from $3.09
during 2006 to an average of $3.22 in 2007.
Mr. Steven S. Elbaum, Chairman and Chief Executive Officer, stated, "2007
was another positive year for Alpine. The Posterloid acquisition, which
occurred during the first quarter of 2007 delivered excellent results,
especially during the fourth quarter, while earnings attributable to our
ownership interest in Synergy Cables Ltd. grew by over 40% in 2007.
"In addition, we made significant progress at Wolverine Tube, Inc. in
strengthening its balance sheet, improving its operations and repositioning
its business model and strategy to focus on value added copper tubing and
materials. Post year end Alpine invested an additional $15 million in
Wolverine through the purchase of 8 1/2% Convertible Preferred Stock. This
increased Alpine's ownership to approximately 28% of the fully diluted
equity of Wolverine, a substantial stake in what we believe will be a
successful long term investment for shareholders. Wolverine reported
adjusted EBITDA of $45.0 million for 2007 compared to $37.7 for 2006, a 19%
year over year increase."
All statements in this press release other than statements of historical
fact are forward-looking statements within the meaning of the "safe harbor"
provision of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and beliefs and
are subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in this press
release. The forward-looking statements speak only as of the date of this
press release, and the Company expressly disclaims any obligations to
release publicly any update or revision to any forward-looking statement
contained herein if there are any changes in conditions or circumstances on
which any such forward-looking statement is based.
The Alpine Group, Inc. (PINKSHEETS: APNI) has substantial experience in
operating and actively managing companies in which it invests capital.
Alpine has focused on industrial and other businesses that are
underperforming, experiencing financial constraints and will benefit from
operational improvements consolidation and an improved capital structure.
Alpine has actively invested in and operated leading domestic and global
manufacturers of specialty materials, coatings, wire and cable products and